RomaniaCastleEurope's Crossroads

Romania is a big Central European country that makes big sense right now for big, central production. Its port on the Black Sea gives access to the East and the Middle East, and more and more organizations worldwide are looking for ways to take advantage of this.

That includes the U.S. Air Force, which is moving out of Germany and Turkey and into strategically located Romania. We don't know if this is a plus or a minus long term, either for Romania or for its would-be residents or investors, but we remember that the U.S. military presence in Panama, for example, while it continued, sure proved a boon for that country's economy.

Romanians speak a Latin-based language that is relatively easy for Westerners to decipher (unlike the languages of Croatia and Montenegro, for example). The country's interior is beautiful...but not a likely retirement or full-time living haven...as winters are harsh. Great (and increasingly trendy) choice for a ski getaway, though.

Real estate values continue up, but it is still possible to get a true bargain, both in Bucharest and, especially, beyond.

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Population 21.904 million (July 2012)
Gross Domestic Product (GDP) $263.9 billion (2011 est.)
GDP Per Capita $12,300  (2011 est.)
Inflation Rate 4.6% (2007)
Currency Lei (RON)
Exchange Rate Versus U.S. Dollar 3.02 Lei = 1 U.S. Dollar (2011 est.)
Language Romanian
Capital Bucharest
Population of Capital City 2 million (2009)
Time Zone GMT plus 2
Seasons Distinct seasons: dry, warm springs; wet, hot summers; dry, cool autumns; cold, snowy winters
International Dialing Code 40
Electricity 230V / 50 Hz; Plug Types: C, F
System of Government Unitary Semi-Presidential Republic
Name and Party Affiliation
of Current Leader
Traian Băsescu, Democratic Party
Income Tax Rate for Residents 16%
Property Tax 0.1% to 0.2%
Capital Gains Tax Income from the sale of real property is taxed between 1-3%
Inheritance Tax No, but notary fees may apply. 
Rental Income Tax Taxed at income tax rate
Transfer Tax 0.5% to 3%
Sales Tax 24%, 9% and 5% 
Restrictions on Foreign
Ownership of Property
Foreigners cannot own land directly; must hold through a Romanian corporation
Local Chamber of Commerce www.g77tin.org
22 Nicolae Balcescu Boulevard, Sector 1
Bucharest 79502
Tel: (0040-01) 61 547 03 06
American Chamber of Commerce www.amcham.ro
11 Ion Campineanu Street
Union International Center, 5th Floor
Bucharest 010031
Tel: (0040) 21 312 48 34
Primary Exports textiles, footwear, metals, metal products, machinery and equipment, minerals, fuels, chemicals, agricultural products
Residency and Visa Requirements Tourist Visa: 90 days upon entry
Residency: work, temporary resident, permanent stay visas
Citizenship: after 5 years of legal residence and proficiency in the Romanian language, culture, and history
Special Benefits for Foreign Residents or Retirees None
National Airline Romanian Air Transport (TAROM)
www.tarom.ro

 

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